China To Hold On To European Debt, Markets Soar
Investors welcomed China's announcement that it will not sell any of its European debt holdings. The markets opened higher with the Dow leaping 216 points to 10,191 while Nasdaq surged 62 points to 2258.
On the upside
Fourth quarter earnings for NetApp (Nasdaq: NTAP) surged to beat analyst expectations and the company forecast first quarter results ahead of estimates.
Hercules Offshore (Nasdaq: HERO) will make a presentation at the UBS Global Oil & Gas Conference this morning.
FSI International (Nasdaq: FSII) lifted its outlook for the third quarter.
On the downside
Ziopharm Oncology (Nasdaq: ZIOP) priced its offering of 7 million common shares at $5.00 per share.The International Trade Commission delayed the target date to complete its investigation into a patent complaint filed by Rambus (Nasdaq: RMBS) against Nvidia (Nasdaq: NVDA) and other companies.
Monsanto (NYSE: MON) cut its full year outlook saying that the competitive market has forced the company to lower prices.
In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 on the NYSE and by more than 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 14 points to 657.
